Well, the bread and circuses have come and gone, with Congress aproving an austerity measure fit for the King's plebs. No revenue increases, just budget cuts. What do I think, personaly? I don't care, it is all a game. One big game.
This is the most bullish case for US equities there is. Surprised? Me neither. No new taxes means the uber-rich will still have as much as they want, and all the austerity will do is break Grandma's bank, and she was not going to invest in anything but CDs anyway. This also means Giethner will not have to put as much money back into the public pension fund and the Social Security Trust, where he robbed those banks. This is the best case scenario for the mega wealthy, and now all Obama has to do is sign it.
You would think he wouldn't, but if he does not, he is risking the markets, and all Obama has done is improve the (appearance of the) market. He will sign this package, and then he will golf.
I assume a selloff to start the week, probably to my call of Dow 12k, and then a steady rise. I think the pullback will come in the form of a flash crash, but probably not with the magnitude of the May 6th one. Look for Moday or Tuesday to have a 200 point drop with a similar amount of correction. DC has averted hyperinflation's Stage Three for now, and it will be steady rampant inflation for a while longer.
Precious metals were due to test support anyway, and they will do so next week. This is a big week for PMs because if they bounce off of support, their prices are going higher, but if they fall through, then support moves down one range.